Yunnan Jinggu Forestry receives funds from debt transfer deal
Yunnan Jinggu Forestry (SSE:600265) announced it has received full payment from Zhou Dafu Investment Limited, its controlling shareholder, related to a debt transfer agreement. The agreement involved the transfer of CNY 14,186.92 thousand in compensation receivables related to a prior acquisition deal. The initial acquisition in February 2023 saw Jinggu Forestry acquire 51% of Tangxian Huinyin Wood Industry for CNY 27,030.00 thousand, contingent on a profit forecast. Because Huinyin Wood Industry did not meet performance targets for 2024, it triggered a compensation clause payable to Jinggu Forestry. To mitigate collection risk, Jinggu Forestry transferred the debt to Zhou Dafu Investment, further outlining details on a related party transaction. The company engaged an accounting firm and has already made appropriate adjustments in its accounting policies, and there are no changes anticipated.
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